My Entrepreneurial Journey – Nidhaan Singh
My Entrepreneurial Journey – Nidhaan Singh

For Nidhaan Singh, business is a way of life. Born to a successful businessman father, he had always been involved in the ins-outs of his father’s booming clothing retail store in West Delhi’s clothing hub, Rajouri Garden. “I grew up learning the intricacies of running a store in one of Delhi’s biggest and busiest markets”.

So, why did he decide to branch out on his own? “I had been working at my father’s store for almost 5 years”. “I wanted to explore something on my own”.

In 2010, Nidhaan launched his own business importing phones from China, he has now transitioned into sports goods, personal care products, fitness equipment and electronics.

Read on to know more about his journey and transition from offline to online business

 

After having helped your father for so long, how was it transitioning into
your own and handling your business?

I enjoyed working for my father, but the fact was that something was missing. However hard I worked, to the world I was just reaping the benefits of my father’s hard work. I needed to prove to myself and everyone else that I could do something independently and do it well. It wasn’t just something I thought of one fine day, it was feeling that just kept growing until I realized that I couldn’t ignore it any longer.

The biggest thing I realized once I started was the complete sense of responsibility that comes from owning a business. While I had always thought of my father’s stores as our business, there was also some comfort in the fact that he was there to take care. However, when it came to my business, it was me who was holding the reins, every decision I took had a direct impact on my business. This was both intimidating and liberating at the same time.

How did the process of importing goods from China happen?

Chinese goods are extremely popular here, and the Chinese come up with the latest innovations at really great prices. So, it was logical to source products from there. The real challenge was understating the whats and hows of this process. I learnt Chinese for nearly six months, so that I could go there and be able to conduct business! I only managed to learn a few stock phrases! My first trip was chaotic and confusing and went by in a flash. The second time around I managed better and understood the process of procurement and worked accordingly.

When did you decide to venture into online wholesaling? How was your experience with it?

I got into online wholesaling in 2014. E-commerce had taken off, and there were so many sites that were popular, also, my own buyers were selling my products online. So getting into e-commerce was natural. I registered on some of the most popular sites. I initially started with mobile phones, and slowly ventured into other products. While the sales on online platforms were good, we faced many challenges. Firstly, tracking of orders from multiple platforms and the status of each order was tedious and tough. Secondly, since almost all these platforms are B2C, product returns were a harsh reality. If we got an x number of returns from a particular platform, then tracking them became a huge issue. The platforms usually do not release payment for the entire order cycle unless I agree to their reconciliation of sales and return, this resulted in cash flow issues many times. Maintenance of accounts was also quite difficult as none of the software applications we used were suited for our requirements. With time, effort and a lot of training we got through that phase. Once we had scaled up a bit, we got our own customized software to manage our e-commerce operations.

So, what does the future hold?

By bringing my business online I have registered a growth of almost 1300% in three years!!!! That’s the power of technology. Till date I have focused mainly on the traditional offline market and B2C selling in terms of online selling, the next step is to enhance our position in these areas while expanding to wholesaling. The other aspect is to improve our procurement processes so that they are better adapted to the trends and products in demand, as these change at the blink of an eye.

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How do you think Wydr is going help you in business?

Wydr is the latest innovation in terms of e-commerce as it offers sellers like me an opportunity to cater to retailers and bulk buyers. Wydr is like the answer to our business outlook of creating a wholesale model. The fact that through Wydr my wholesale business won’t just be restricted to Delhi, but will have buyers from all over India is the cherry on top of the cake.

In few days of coming onboard I have received big ticket orders and been able to move my inventory far more quickly. The most obvious expectation from Wydr is to deal in volumes, the second most important thing is to be able to build long term relationships with buyers across India. As wholesale business strives on long term equations, being able to connect with buyers on a digital platform without hassles is a boon.

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